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Irish Aircraft Leasing Newsletter 15 June

Irish Aircraft Leasing Newsletter 15 June

CDB Aviation Names Paul Boyle Head of EMEA

CDB Aviation announced the latest addition to its Dublin-based leadership team, Paul Boyle, who has been appointed as Head of Europe, the Middle East, and Africa Commercial. Paul will drive CDB Aviation commercial activity and outreach by engaging with airlines, aircraft manufacturers, and other industry participants to cement the lessor’s strategic aircraft placement plan and path to growth in the region. Boyle will report to Chief Marketing Officer (“CMO”) Peter Goodman. Paul Boyle, CDB Aviation Head of EMEA Commercial, commented “I am really excited to be joining the CDB Aviation team who have established a respected reputation among the aviation community and has built such strong momentum in recent years. I look forward to broadening our reach and furthering the relationships with airlines as one of the leading global aircraft lessors in the EMEA region, and beyond.”

GECAS delivers prototype for 777-300ERSF passenger-to-freighter conversion

GE Capital Aviation Services (GECAS) has delivered 777-300ER MSN 32789 to Israel Aerospace Industries (IAI) for the prototype passenger-to-freighter conversion for the “Big Twin” program announced last October. Ferrying from Dubai, the aircraft arrived in Tel Aviv where it will undergo an extensive conversion at IAI’s facility, including the addition of the Main Deck Cargo Door, freighter lining, window plugs, a modified crew compartment, a reinforced fuselage a 9G rigid cargo barrier and more.  Dubbed “The Big Twin,” the 777-300ERSF will be the largest ever twin-engine freighter. As launch customer and co-funder of the program, GECAS has committed fifteen firm orders and has fifteen additional options for the type. “The arrival of the prototype aircraft in Tel Aviv is an exciting milestone for the Big Twin freighter program,” explains Richard Greener, SVP and Manager of GECAS Cargo. “This aircraft sets out to meet requirements of the air cargo industry for the next 20 years.”

Low-cost carriers positioned to lead airline industry’s recovery –  SMBC Aviation Capital CEO Peter Barrett

In an interview with Nikkei Asian Review Peter Barrett, CEO of SMBC Aviation Capital, said there are early signs of recovery in air travel demand in Asia and predicted low-cost carriers will lead the industry’s recovery. “The strong will get stronger. The ones that do well will take market share. They are going to grow again in a couple of years,” Barrett said in an interview. “Once flying returns, airlines are going to have to discount to get people back on aircraft. They are going to have to sell cheaper tickets to encourage and stimulate demand.” Low-cost carriers have more ability to drive down costs than traditional airlines, he argued.

Nordic Aviation Capital strengthens itself for recovery post COVID-19 crisis

Nordic Aviation Capital agreed to inject $60m (€53.5m) of new equity into the company. Separately, the Company has had constructive discussions with its largest lenders over a possible debt standstill and deferral to counteract the negative impact that COVID-19 has had on the business and to ensure stability as the aviation market gradually recovers. In light of these discussions with lenders, the Company today applied to the High Court in Dublin, launching a Scheme of Arrangement (the Scheme) under the Irish Companies Act. The long-term equity shareholders in NAC, EQT Partners, KIRKBI Invest, GIC (the sovereign wealth fund of Singapore) and Martin Moller, its founder and Chairman, have committed $60m of new equity as a signal of their confidence in the prospects for the business and their support for its strategy.

Søren M. Overgaard, CEO of Nordic Aviation Capital, said “The COVID-19 pandemic has resulted in considerable changes in all our lives and for businesses across the world, in every sector, but particularly for the travel industry. No aircraft lessor is immune. “The anticipation of a prolonged recovery from COVID-19 drove the requirement to undertake this complex engagement process with our lenders. We remain committed to emerging stronger and more robust in the aftermath of the pandemic. While the extent and the full impact of COVID-19 is as yet unknown, we remain confident that the regional sector will recover first and of our ability to navigate through this challenging period.”

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